Versarien PLC, the advanced engineering materials group, saw a sharp increase in revenue feed through to a significant reduction in 12-month losses.
The company said it is seeing increased interest from global companies interested in entering into joint development agreements.
Results for the 12 months to the end of March 2022 – categorised as interim results because of the company’s year-end date from September – saw revenue from continuing operations rise by just over a third to £7.63mln from £5.69mln the year before.
Within that, graphene revenues rocketed by 170% to £1.89mln from £0.70mln the previous year.
The adjusted loss before interest, tax, depreciation and amortisation from continuing operations narrowed to £1.04mln from £1.88mln in the corresponding period 12 months earlier while the reported loss before tax from continuing operations contracted to £5.1mln from £8.1mln.
The group ended the reporting period with cash of £3.1mln, up from £2.36mln a year earlier.
"The period has seen the financial benefits of the DSTL [Defence, Science and Technology Laboratory] contract focussed on understanding the benefits that graphene-loaded materials may bring to defence applications,” said Neil Ricketts, the chief executive officer of Versarien.
READ: Versarien PLC - £1.95 million Development Agreement
“Alongside the expansion of our production facilities in Longhope we continue to progress the applications in which graphene can be used with a view to launching new graphene-enhanced products over the coming months. This is a natural follow on from the successful finalisation of the DSTL contract and the near completion of the GSCALE development projects.
"In parallel, customer testing continues to prove successful and we are seeing increased interest from global companies in signing development agreements that may, in time, lead to significant future revenues whilst at the same time we are looking to expand our global footprint and enter into agreements with the right strategic partners for the business, in part helped by having passed the accreditation of the Graphene Council," he added.